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Marketing 1120 > Chapter One to Three > Flashcards

Chapter One to Three Flashcards

1
Q

Marketing

A

the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, the stakeholders and the society at large

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2
Q

Market

A

people with desire and ability to buy a specific product

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3
Q

What are the four P’s of the marketing mix

A

Product, Price, Place, Promotion

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4
Q

Social Marketing

A

Marketing designed to influence the behaviour of individuals in which benefits of the behaviour accrue to the individuals not the marketer

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5
Q

Ultimate consumers

A

People who use the goods and services purchased for a household

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6
Q

Organizational buyers

A

Those manufacturers, wholesalers, retailers and government agencies that buy goods and services for their own use or for resale

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7
Q

Requirements for marketing to occur

A

Two or more parties with unsatisfied needs, desire and ability to satisfy those needs, a way for those parties to communicate, and something to exchange

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8
Q

Who markets?

A

Every organization

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9
Q

What is marketed?

A

Goods, services, ideas and experiences

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10
Q

Who buys and uses what is marketed?

A

Ultimate consumer and Organizational buyers

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11
Q

Who benefits from marketing?

A

The consumers who buy, the organization that sell, and the society as a whole

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12
Q

What factors influence marketing?

A

Other organizations, suppliers, shareholders, customers, and the environmental factors.

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13
Q

What are the environmental factors? (uncontrollable)

A

Social, economic, cultural, competitive and regulatory

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14
Q

What is a target market?

A

A group with a desire to fill

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15
Q

What are the stages of evolution of North American business?

A

Production era, Sales, Market concept, Market orientation, Customer experience and social media

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16
Q

Production era

A

They made as many goods as possible because goods were scarce

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17
Q

Sales Era

A

Discovery that they could produce more than they could sell, growing competition

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18
Q

Market Concept

A

Organization striving to satisfy the needs of the customers

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19
Q

Market orientation

A

continuously collecting information, sharing the information throughout the organization and using the info to create value.

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20
Q

Customer Experience Era

A

Learned that they must provide good customer service

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21
Q

Ethics

A

the moral principles and values that govern the actions and the decision of an individual or group

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22
Q

What is an organization?

A

a legal entity of people who share a common mission

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23
Q

Profit

A

money left after the firms total expenses

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24
Q

Strategy

A

long term course of action

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25
Q

Structure of organizations

A

Corporate level (board of directors), Business unit level, and functional level (departments)

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26
Q

Organizational foundation

A

core values, mission and organizational culture

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27
Q

Organizational direction

A

business, goals

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28
Q

Organizational Strategies

A

By level : corporate, sub and functional By offering : Products, service, idea and experience

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29
Q

Core values

A

an organizations core values are the principles that guide its conduct

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30
Q

Business

A

the clear, broad, underlying industry or market sector of an organization

31
Q

Organizational direction

A

the business its in and its specific goals

32
Q

Smart goals

A

Specific, measurable, attainable, relevant, and time based

33
Q

Cash cows

A

low growth, high market share

34
Q

Dogs

A

low growth, low market share

35
Q

Stars

A

high growth, high market shares

36
Q

Question Mark

A

high growth, low market shares

37
Q

Market Penetration

A

selling more products in existing market

38
Q

Product Development

A

Selling new products in existing markets

39
Q

Market Development

A

Selling existing products in a new market

40
Q

Diversification

A

Selling new products in a new market

41
Q

SWOT analysis

A

internal strengths, weaknesses, opportunities and threats

42
Q

Market segmentation

A

aggregating prospective buyers into groups that have common needs and will respond similarly to a market action

43
Q

Social Forces

A

demographics, cohorts, trends and culture

44
Q

Economic Forces

A

Economic conditions

45
Q

Technological Forces

A

technology, and electronics

46
Q

Gross income

A

Total income of a household

47
Q

Disposable income

A

Total income after taxes for necessities

48
Q

Discretionary Income

A

Total income after taxes and needs, left for wants

49
Q

Pure competition

A

Many companies with a similar product

50
Q

Monopolistic competition

A

Many companies compete on a substitutable basis

51
Q

Oligopoly

A

Few companies control the majority of the industry sales

52
Q

Monopoly

A

One firm sells the product or service

53
Q

Components of Competition

A

barrier to entry and power of buyers and suppliers

54
Q

Greenwashing

A

making an inaccurate claim to market

55
Q

ethics

A

moral principles and values

56
Q

Code of Ethics

A

written statement of rules

57
Q

Caveat emptor

A

let the buyer beware

58
Q

Economic Espionage

A

theft of trade secrets

59
Q

Stokehold responsibility

A

responsibility to more than profit

60
Q

Societal responsibilities

A

obligations at ecological environment and the general public

61
Q

Social Audit

A

doing well by doing good

62
Q

Cause marketing

A

marketing by getting involved with non profit organizations to create a better brand association and image

63
Q

Purchase decision process

A

problem recognition, information search, alternative evaluation, purchase decision, and post purchase behaviour

64
Q

cognitive dissonance

A

post purchase psychological tension or anxiety

65
Q

Three problem solving variations

A

extended problem solving: use five stages, limited problem solving: rely on word of mouth , routine problem solving: habit

66
Q

Socio-Cultural influences

A

Personal, Reference groups, family, social class and culture

67
Q

Business Marketing

A

the marketing of goods and services to companies and governments for the use of creation of goods and services that they can produce and market to others

68
Q

Organizational Buyer

A

Those manufacturers, wholesales, ad retailers that buy goods and services for their own use or for resale

69
Q

Industrial Markets

A

Buy, reprocess and sell

70
Q

Reseller Markets

A

Buy and sell

71
Q

Government Markets

A

federal provincial and local agencies that buy goods and services for the constituents that they serve

72
Q

Derived Demand

A

demand that is derived from consumer demand

73
Q

Roles in the buying centre

A

users, influencers, buyers, deciders and gate keepers

Marketing 1120 (3 decks)

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